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\nCigna has called off a massive merger with Louisville-based Humana, according to a Wall Street Journal report.<\/p>\n
\nCigna has called off a massive merger with Louisville-based Humana, according to a Wall Street Journal report.<\/p>\n
The two large health insurance companies couldn’t come to an agreement on price and other financial terms, according to the report. <\/p>\n
The companies were in talks of possibly merging before the end of the year. The Wall Street Journal reported Cigna would have been acquiring Humana in a cash-and-stock transaction with a large stock component.<\/p>\n
However, according to the Wall Street Journal report, shareholders “reacted coolly” with Cigna stock dropping nearly 10% since the news surfaced. Some people had questions about Cigna using its stock as currency, in addition to other matters.<\/p>\n
Cigna is now planning an additional $10 billion of stock buybacks, bringing its total planned repurchases to $11.3 billion, according to the report.<\/p>\n
Humana and Cigna explored a merger in 2015 until Humana struck a deal with Aetna instead, which was then blocked by a judge for violating anti-trust laws.<\/p>\n
Humana has 12,360 employees in Louisville, according to the Greater Louisville Metro Chamber of Commerce. It is the fifth-largest employer in the city. The company generated about $93 billion last year and Cigna generated about $181 billion. Humana is the second-largest Medicare insurer behind UnitedHealth.
\nSource: WHAS11 <\/p>\n","protected":false},"excerpt":{"rendered":"
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